2nd Chance Bank Accounts
2nd Chance Bank Accounts are bank accounts for individuals who have a damaged banking history and are listed in ChexSystems. If you have found yourself trapped in the unrelenting ChexSystems database or a victim of the newer Early Warning Services consumer reporting agencies and need a way to manage your money, but find yourself getting turned down then you are the perfect customer for a second chance checking or bad credit checking account. Before getting excited, there are somethings that you need to be aware of when it comes to second chance bank accounts. Take a look at some of the problems you may run in to below.
Expensive
Alternative checking accounts can be really expensive. If the monthly fees do not get you, any mistake will cost you a lot more than just a ding on your ChexSystems report. You need to look at the fees you could end up paying and stick with an account that has a monthly fee of no more than $10
No Check Writing Privileges
Most of these second chance checking account opportunities are very restrictive. Some of the accounts do not offer check writing privileges and are nothing more than glorified prepaid credit cards. You will also find that most second chance checking accounts do not offer online banking or if they do it is at a premium price. If you find yourself looking at nothing more than a prepaid credit card, check out the Mango prepaid card as it is the best deal going.
Account Restrictions
Another thing to look for is the restrictions that are placed on how you use your money or deposits made to your accounts. Some of the second chance checking accounts will hold your deposit for up to 14 business days before it is credited to your account. Some will not hold the deposit, but not let you write checks or pay bills for several days. While other hold deposits and restrict use. Both of these practices will cause checks to bounce and make it very hard to use and manage your money.
When you start looking for second chance checking options, start with your own local banks. Some banks and credit unions do not use account verification systems or check your consumer credit report when deciding on whether to approve you or not. Many banks offer second chance checking accounts that are not advertised or known as second chance checking. There are some banks that will work with you if you are listed, but have paid all obligations and owe no money to any banks. So while there are not many options, there are some available to you.
If you are in the market for a second chance checking account, then check out Second Chance Checking Banks (secondchancecheckingbanks.com) and Bad Credit Checking Banks (badcreditcheckingbanks.com. These sites provide free state by state directories of banks that may provide you a checking account if you meet their requirements. While the banks make the ultimate decision based on their business needs these sites can not guarantee a checking account, they are a good place to start and may be able to help.
Expensive
Alternative checking accounts can be really expensive. If the monthly fees do not get you, any mistake will cost you a lot more than just a ding on your ChexSystems report. You need to look at the fees you could end up paying and stick with an account that has a monthly fee of no more than $10
No Check Writing Privileges
Most of these second chance checking account opportunities are very restrictive. Some of the accounts do not offer check writing privileges and are nothing more than glorified prepaid credit cards. You will also find that most second chance checking accounts do not offer online banking or if they do it is at a premium price. If you find yourself looking at nothing more than a prepaid credit card, check out the Mango prepaid card as it is the best deal going.
Account Restrictions
Another thing to look for is the restrictions that are placed on how you use your money or deposits made to your accounts. Some of the second chance checking accounts will hold your deposit for up to 14 business days before it is credited to your account. Some will not hold the deposit, but not let you write checks or pay bills for several days. While other hold deposits and restrict use. Both of these practices will cause checks to bounce and make it very hard to use and manage your money.
When you start looking for second chance checking options, start with your own local banks. Some banks and credit unions do not use account verification systems or check your consumer credit report when deciding on whether to approve you or not. Many banks offer second chance checking accounts that are not advertised or known as second chance checking. There are some banks that will work with you if you are listed, but have paid all obligations and owe no money to any banks. So while there are not many options, there are some available to you.
If you are in the market for a second chance checking account, then check out Second Chance Checking Banks (secondchancecheckingbanks.com) and Bad Credit Checking Banks (badcreditcheckingbanks.com. These sites provide free state by state directories of banks that may provide you a checking account if you meet their requirements. While the banks make the ultimate decision based on their business needs these sites can not guarantee a checking account, they are a good place to start and may be able to help.
